在我国预计2030年实现“碳达峰”，在2060年实现“碳中和”的目标下，国内企业都开始重视自身的可持续发展。ESG，即环境、社会和公司治理三个维度（Environmental, Social, Governance）的英文缩写，主要对企业环境政策与能源使用、人权政策及产品责任和公司治理与道德行为准则等方面进行了衡量，是目前衡量企业可持续发展水平的重要指标之一。在决定战略发展框架时，企业积极采纳ESG因素，探索出一条既符合社会期望又具备经济效益的发展道路。这使得企业的目光不再局限于仅仅追求自身利益的最大化，而是扩展至关注利益相关者的权益和平衡社会价值，为企业打造竞争优势提供了有力支撑，从而使得企业能够进一步提升其长期价值，实现更为稳健和可持续的发展。因此，对于企业价值的衡量，不只能局限于企业的经营绩效及财务表现，企业在环境政策的制定、社会责任的履行以及公司治理的有效性等非财务表现都应该重视，在企业价值衡量法体系中在环境、社会责任以及公司治理方面的表现的衡量是非常关键的。由于中国对于ESG理论的研究起步较晚，相对于国外学者对于ESG理论的研究，国内尚处于起步阶段，有部分企业对ESG理念的认识并不全面，甚至闻所未闻。因此，有必要深入研究企业ESG表现、以及企业在环境、社会责任以及公司治理表现是如何影响企业价值的，以期为我国企业价值评价体系的完善提供有力支持。

为深入探究企业ESG整体表现及其各组成因素（包括环境、社会责任和公司治理）对企业价值的影响，本文将2015-2022年中国沪深A股的上市公司股作为样本，本文构建了双向固定效应模型，同时控制了个体和年份因素，采用中国研究数据服务平台（CNRDS）中的上市公司ESG评级数据库（ESG-R）所提供的样本企业ESG表现得分及其各细分项得分作为解释变量，以企业价值为被解释变量，在此基础上，利用Stata18软件进行了回归验证，从而得出了以下结论：第一、企业ESG总体表现以及各子因素对企业价值的提升具有正向的影响，即企业ESG表现及其子因素均具有正向的企业价值创造效应；第二，机构投资者持股比例在企业ESG表现和环境、社会责任以及公司治理表现与企业价值的关系中发挥着正向调节作用；第三，相较于低创新投入企业，高创新投入企业在社会责任履行与公司治理方面展现出了更为卓越的表现，从而显著提升了企业价值；第四，相较于重污染企业，非重污染企业在企业ESG表现及其各构成要素上展现出了更为明显的正面影响，进而对企业价值的提升作用更为显著。

基于上述结论，本文有针对性地对企业、投资者以及政府三个不同层面提出了建议。首先，企业应增强ESG意识，积极承担环境保护、社会责任与公司治理等方面的ESG责任，以此提升自身ESG表现，实现可持续发展。其次，投资者在决策过程中应纳入企业ESG表现等非财务指标，以构建更为合理且多元化的投资组合，从而获取更为理想的投资收益。最后，政府应设立专业监管机构，并借鉴会计师事务所对财务报告的审计经验，不断完善ESG报告的审核机制，确保其完整性和准确性。同时，构建符合中国国情的ESG评级体系，为投资者提供更具参考价值的ESG指标，辅助其做出更明智的投资决策。

本文的创新点主要有两点。第一，研究内容。本文深入研究企业ESG表现与企业价值之间的复杂关联，旨在更精确地揭示两者间潜在的本质联系，力求进一步夯实研究结论。其次，本文通过在基准回归的基础上引入了机构投资者持股比例变量，旨在探究机构投资者持股比例是否在ESG整体表现以及各组成部分对企业价值的影响中发挥一定的调节作用。最后，本文从企业异质性的角度出发对企业ESG价值创造效应在不同行业、不同研发投入水平的差异性进行研究，丰富了本领域的文献体系。第二，变量选取方面。本文采用由CNRDS终端中的ESG-R数据库提供的企业ESG表现评分作为核心解释变量，该评分具有更客观、更全面、更符合国内市场情况的特点，以此保证本文的针对性和有效性。

尽管本文研究取得了一定的成果，但仍然存在一些不足之处。首先，研究样本的选择并未涵盖我国所有企业，这可能导致实际结果与研究成果之间存在一定的偏差。此外，本文的研究主要关注了当期机构投资者持股比例对企业ESG表现的直接影响，而对其可能存在的滞后效应尚未进行深入的探讨。展望未来研究，期望能够选择更为全面的ESG评分体系，以覆盖更广泛的企业范围，并深入探讨机构投资者持股比例在企业ESG表现对企业价值的综合影响中所扮演的角色，从而获得更具价值和意义的研究成果，为企业的可持续发展和投资者的决策提供更为科学的依据。

As China aims to reach "carbon neutrality" by 2060 and a "carbon peak" by 2030, local businesses are starting to concentrate on their own sustainable growth. Currently one of the most significant indicators for gauging the degree of corporate sustainability is ESG, an acronym for the three dimensions of environment, social, and governance. It primarily measures corporate environmental policy and energy use, human rights policy and product responsibility, and corporate governance and ethical code of conduct. The company is dedicated to investigating novel models of sustainable development and actively considers environmental, social, and governance considerations when making decisions on the strategic development framework. By doing so, businesses are able to look beyond maximizing their own interests and instead prioritize balancing social values and the rights and interests of stakeholders. This provides strong support for the development of competitive advantages, which in turn helps businesses increase their long-term value and achieve more robust and sustainable development. As a result, it is imperative that the enterprise value evaluation system include corporate governance, social responsibility, and environmental performance metrics. Research on the ESG concept is still in its early stages in China, and many firms lack a thorough knowledge of the significance of ESG aspects, especially when compared to the more developed and mature rating systems elsewhere.In conclusion, research into the relationship between corporate value and the environmental, social responsibility, corporate governance, and corporate ESG performance of businesses is vital.

The listed companies in China's Shanghai and Shenzhen A-shares from 2015 to 2022 are used as a sample in this paper. The enterprise value is used as an explanatory variable to establish a two-way fixed-effects model controlling for the individual and the year. A regression validation is conducted using Stata18 to verify the impact of the performance of the constituent factors of the enterprise's ESG performance as a whole, the environment, the social responsibility, and the corporate governance, etc., on the enterprise value. The conclusions drawn from this paper are as follows: The enhancement of corporate value is positively impacted by overall corporate environmental performance, corporate social responsibility performance, corporate environmental performance, and corporate corporate governance realization. Additionally, institutional investors positively influence the positive impact of both corporate ESG performance and the performance of its constituent factors on corporate value. Lastly, the impact of corporate ESG performance and the performance of its constituent factors on corporate value is more pronounced in the case of high-innovation-investment and non-heavy-pollution firms.

 This report offers suggestions for businesses, investors, and three levels of government based on the foregoing findings. In order to improve their ESG performance and accomplish sustainable development, businesses should first raise their level of awareness of ESG issues and actively engage in ESG obligations related to environmental protection, social responsibility, and corporate governance. Second, in order to create a more sensible and diverse investment portfolio and get more ideal investment returns, investors should take non-financial indicators like business ESG performance into consideration when making decisions. In order to guarantee the accuracy and completeness of ESG reports, the government should establish a professional regulatory agency and take lessons from the experience of accounting companies in inspecting financial reports.In order to give investors access to more valuable ESG indicators and help them make better investment decisions, the government should also develop an ESG rating system that takes into account China's unique national circumstances.

This work presents two primary innovations. First, the study's content. In order to more clearly identify any potential critical connections between corporate ESG performance and corporate value and to further solidify the research findings, this article explores the complex relationship between the two. In order to investigate whether institutional investors have a moderating effect on both the overall ESG performance and the effect of each component on company value, this article also adds the institutional investor variable based on the benchmark regression. Lastly, from the standpoint of corporate heterogeneity, this article explores the diversity of corporate ESG value creation effects in various industries and at various levels of R&D investment, contributing to the body of knowledge in this field. Variable selection comes in second. To ensure the relevance and effectiveness of this paper, the core explanatory variables are the corporate ESG performance scores from the ESG-R database in the CNRDS terminal. These scores are more objective, comprehensive, and in line with the domestic market situation.

Despite the fact that this paper's research produced some outcomes, there are still significant issues. First off, there can be a discrepancy between the research results and the actual results because not all Chinese firms were included in the selection of the research sample. Furthermore, while the potential lagged effect has not yet been thoroughly investigated, the research in this paper primarily focuses on the direct influence of existing institutional investors on corporate ESG performance.In order to obtain more valuable and meaningful research results and provide a more scientific basis for the sustainable development of enterprises and the decision-making of investors, it is anticipated that future research will select a more comprehensive ESG scoring system to cover a wider range of enterprises and thoroughly explore the role of institutional investors in the overall impact of corporate ESG performance on corporate value.